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AUDITING FOR DUMMIES - EXAM PREPARATION & TUTORING

AUDITING FOR DUMMIES - EXAM PREPARATION & TUTORING

Introduction

Auditing involves investigating information prepared by someone else to decide whether the information is fairly stated. All people audit to some extent in their personal lives.A simple form of personal auditing is checking your bank statement to make sure all the transactions it shows are correct. This book is about financial statement audits, free acca books download which have a similar goal: checking to see whether reports prepared by managers of companies fairly present the company’s financial position.

The auditing process requires logic-based skills. You gather evidence andevaluate whether the evidence free acca books pdf makes sense and backs up the assertions yourclient’s management makes on the financial statements. Based on your evaluation,you issue a report that includes your opinion about the correctness ofthe free acca books download pdf financial statements.After years spent in the classroom as both a professor and student, I realizethat many accounting and auditing textbooks are, well, boring. My purpose inwriting this book is to breathe some life into the subject of auditing and makeit more understandable.

About This BookThis book, like all For Dummies books, is written so that each chapterstands on its own. free acca study materails I always assume that whatever chapter you’re readingis the first one you’ve tackled in the book. Therefore, you can understandthe concepts I explain in each chapter regardless of whether it’s your firstchapter or your last.However, certain terms and concepts pertain to more than one subject inthis book. To avoid free accounting books writing the same explanations over and over, whenever Ireference a term or auditing fact that I fully explain in another chapter, I giveyou a brief overview and direct you to the spot where you can get more infor-mation. For example, acca study materails I may suggest that you “see Chapter 14” (which, by the way, discusses auditing long-term liabilities and stockholder equity).

Also, in this book I break auditing down to its lowest common denominator. Iavoid using jargon that only seasoned auditors would understand. And whereappropriate, free download for pdf I provide a brief overview of the financial accounting conceptsthat go hand in hand with the auditing topic du jour so you won’t have tobreak out your accounting textbooks at every turn.However, please keep in mind that the list of auditing steps I present in thisbook isn’t all-inclusive. I simply can’t cover every possible procedure thatevery audit may require. This book is meant to illuminate the rather drypresentation of topics given in all auditing books from which I’ve taught. Ifyou’re already employed by a CPA firm and your firm requires additionalprocedures, your audit supervisor will let you know.Furthermore, I briefly discuss the Sarbanes-Oxley Act of 2002 (SOX) and thewatchdog over the audits of publicly traded companies, the Public CompanyAccounting Oversight Board (PCAOB). If you have the time, I recommendreading Sarbanes-Oxley For Dummies by Jill Gilbert Welytok, JD, CPA (publishedby Wiley).This exam preparation & tutoring handbook walks you through the new and revised SOXlaws, albeit looking at the topic more from the client’s point of view thanfrom yours as an auditor. Conventions Used in This BookFollowing are some conventions I use that you’ll want to bear in mind whilereading this book: ✓ I introduce new terms in italic with an explanation immediately following.For example, due care means that you plan and supervise adequatelyany professional activity for which you’re responsible. ✓ Many auditing and accounting terms have acronyms (which you’ll soonbe bandying about with your peers after you gain some familiarity orexperience with the topic).

The first time I introduce an acronym in achapter, I spell it out and place the acronym in parentheses. For example,I may discuss the American Institute of Certified Public Accountants(AICPA).